Barclays Bank Plc is the first UK clearing bank to run a computerised messaging system with the launch of its Electronic Stock Transfer service, aimed at speeding up the process of settling stock market transactions worldwide. The system, which is an extension of the bank’s Barclays Electronic Cash Management service, Barcom, will deal with instructions for receipt of stock against delivery, delivery of stock against payment, receipt and redelivery of stock, receipt of stock free and delivery of stock free. The software for the Stock Transfer system was developed for Barclays by General Electric’s Geisco unit, which Barclays uses as a network carrier for all its cash management services.
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